A liberal tidal wave is building within the Democratic Party, but Bernie Sanders is no longer the only candidate riding it.

Hillary Clinton’s crucial victory in the Nevada caucuses on Saturday showed that Sanders does not have a monopoly on liberal voters. Clinton held her own with liberals while winning big among moderates. In the process, she has moved firmly back into the lead in the Democratic presidential race.

The ultimate importance of Clinton’s victory, however, does not really lie in the delegates at stake in Nevada. The state has only a tiny fraction of the 2,382 delegates necessary to win the Democratic presidential nomination.

The real significance of the Nevada results lies in the fact that Clinton demonstrated she can do well enough among liberals to win key states. Her success with liberal voters spells trouble for Sanders, particularly as the campaign moves to the South, where Clinton’s base of support runs deepest.

Here are four reasons why Clinton has reason for optimism after Nevada.

1. Clinton is making inroads with liberal voters

By any measure, the Democratic Party is becoming more liberal. Last year the Gallup Poll found that nearly half of all Democrats describe themselves as liberal or left-leaning, a 17 percent increase since 2001.

On paper that should have meant a big victory for Sanders. A self-described socialist, he is one of the most liberal presidential candidates in recent history. His campaign platform calls for tax hikes on the rich, free college for everyone, a single-payer healthcare system, and heavy regulation of business and industry.

But despite the large liberal turnout in Nevada, Sanders did not win the state. Clinton attracted enough support from liberal voters to carry her to victory. Although she is a self-described moderate, the Nevada results indicate that Clinton’s unpopularity with liberal Democrats is greatly overstated.

Clinton’s strength among moderates strongly suggests that she would be a more formidable candidate in the general election than Sanders.

2. Minorities and union members back Clinton

Clinton’s victory in Nevada would not have been possible without support from Latinos, African Americans, and union members of all races.

Nevada is one of the most diverse states in the country. It is 28 percent Latino, 9 percent African American, 8 percent Asian American, and 2 percent Native American. Whites make up just over 51 percent of the population, far below the national average of 62 percent. Nevada also has a heavily unionized casino workforce.

3. Liberal economists side with Clinton

Last week a group of highly regarded liberal economists warned that Sanders’ proposals would drive up federal government spending by US$2 to $3 trillion annually. The dramatic increase in spending would far exceed the revenues generated from Sanders’ proposed tax increases.

Austan Goolsbee, a former top economic adviser to President Obama, declared last week that “the numbers don’t remotely add up” in Sanders’ economic plans. Similarly, the prominent liberal economist Jarad Bernstein warned that defenders of the Sanders’ economic proposals are engaged in “wishful thinking.” Ironically, even the University of Massachusetts economist who publicly defended Sanders’ economic proposals recently revealed that he plans to vote for Hillary Clinton.

Although Sanders will continue to inspire progressive dreams, the sharp critique of liberal economists takes a bit of the luster off the Sanders campaign.

4. Clinton’s strongest states lie ahead

The biggest ally Clinton has over the next two weeks is the Democratic primary calendar. It unfolds in almost perfect fashion for her.

Things only get worse for Sanders on March 1, the date of the “Super Tuesday” primaries. Nearly a dozen states vote that day, including Alabama, Arkansas, Georgia, Oklahoma, Tennessee and Texas. Most of the Super Tuesday states have demographics highly favorable to Clinton, so much so that her campaign views those states as a firewall against Sanders.

Clinton’s campaign has clear reason for confidence in her southern firewall. Although he has a strong base of support among white northern liberals, Sanders has thus far failed to make any inroads in the South.

If Sanders can’t find a way to appeal to southern voters, the next two weeks could be a very rocky and dangerous stretch for his campaign.